Asia-Pacific 2022 Hospital Priorities Survey: Strategic Implications for Healthcare Providers - LEK Consulting
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Asia-Pacific 2022 Hospital Priorities Survey: Strategic Implications for Healthcare Providers April 2022 These materials are intended to supplement a discussion with L.E.K. Consulting. The contents of the materials are confidential and subject to obligations of non- disclosure. Your attention is drawn to the full disclaimer contained in this document.
L.E.K. Consulting sponsors a unique analysis of hospital priorities in APAC; our third annual study
engaged more than 400 hospital executives across public and private providers in eight key markets
L.E.K. Hospital Priorities Survey respondent mix
Percentage of respondents (N=406)
30% China 29% 101-250 beds 26% C-suite
Private
Developing 50% hospitals
healthcare Head of
markets 12% procurement
15% India
Head of
10%
33% 251-500 beds operations
7% Indonesia
5% Head of nursing
10% Thailand
17% Head of medical
19% Japan 18% 501-999 beds
Public
Developed 50%
hospitals
healthcare Other
markets 30% department
11% Australia
20% 1,000+ beds heads
6% South Korea
2% Singapore
Country Type of hospital Hospital size Respondent mix
Note: APAC – Asia-Pacific
Source: L.E.K. 2022 APAC Hospital Priorities Survey conducted in November-December 2021
2
Compared to our last edition, hospitals across the region are in a better financial position, with
priorities shifting from COVID-19 recovery to improving safety/operations; digital remains a top priority
Financial outlook Strategic priorities Digitalisation and
Although hospitals are Priorities have shifted from innovation
currently facing financial implementing COVID- In line with last year’s edition,
challenges, both private and 19 recovery measures most hospitals are indicating
public hospitals indicate a towards operational and care a strong focus on
paced recovery; most enhancement strategies, with digitalisation and innovation,
providers expect to deliver spending redirected to focusing on various digital
more elective procedures this building physical and digital solutions to increase
year than before the infrastructure operational efficiency and
pandemic patient satisfaction
Source: L.E.K. 2022 APAC Hospital Priorities Survey; L.E.K. research and analysis
3
Hospitals have been showing resilience with a positive trend towards full recovery; for most hospitals,
elective surgeries are back to pre-pandemic levels with a strong outlook for 2022
Financial outlook
• Hospitals have been showing resilience, with 80%-90% of hospitals achieving a balanced budget or positive EBITDA
margin, thus indicating recovery from COVID-19 impact since 2020, albeit slower for larger private hospitals
• Hospitals across the region are expecting a strong bounceback in revenue this year, with the number of elective
procedures expected to exceed pre-pandemic levels
• However, to maintain/accelerate the pace of recovery, hospitals indicate a greater need for near-term funding to
ensure business sustainability, together with a need to focus on reducing the cost of doing business
Source: L.E.K. 2022 APAC Hospital Priorities Survey; L.E.K. research and analysis
4
80%-90% of hospitals have achieved a balanced budget or positive EBITDA margin, indicating recovery
from COVID-19 impact since 2020
1 Financial outlook
Public hospital budget outlook* Private hospital profitability/EBITDA**
Percentage of respondents Percentage of respondents
Hospital Priorities
Last 3 years Last 3 years
-17% 39% 45% -13% 87%
(N=193) (N=165)
Survey (2021)
Today Today
-53% 21% 26% -29% 71%
(N=192) (N=164)
Next 3 years Next 3 years
-11% 37% 52% -9% 91%
(N=187) (N=165)
Hospital Priorities
Last 3 years Last 3 years
-15% 64% 20% -19% 81%
(N=202) (N=204)
Survey (2022)
Today Today
-9% 63% 27% -18% 82%
(N=202) (N=204)
Next 3 years Next 3 years
-6% 39% 50% -8% 92%
(N=202) (N=204)
Budget deficit Balanced budget Budget surplus Negative profitability/EBITDA Positive profitability/EBITDA
*Survey question: ‘What is the level of budget surplus/deficit incurred by your hospital today?’ Responses with ‘I do not know/prefer not to disclose’ have been excluded.
**Survey question: ‘What is the EBITDA margin/profitability level of your hospital?’ Responses with ‘I do not know/prefer not to disclose’ have been excluded.
Source: L.E.K. 2021 and 2022 APAC Hospital Priorities Surveys
5
Although private hospitals have an optimistic budget outlook, ~20% of large private hospitals are
currently facing budget deficits, indicating a slow recovery
1 Financial outlook
Private hospitals — profitability/EBITDA margin outlook ≤ -10% margin -9.9% to 0 margin 0 to 9.9% margin >10% margin
Medium-size private hospitals (≤500 beds) in APAC* Large-size private hospitals (>500 beds) in APAC*
Percentage of respondents Percentage of respondents
Last 3 years (N=116) Last 3 years (N=51)
2021 1% 16% 61% 22% 2021 8% 40% 52%
2022 2% 22% 68% 9% 2022 2% 22% 65% 12%
Present (N=115) Present (N=51)
2021 7% 25% 55% 14% 2021 5% 21% 26% 48%
2022 3% 18% 68% 10% 2022 2% 22% 63% 14%
Next 3 years (N=117) Next 3 years (N=50)
2021 2% 10% 53% 35% 2021 5% 16% 79%
2022 3% 9% 62% 26% 2022 6% 64% 30%
0%
*Survey question: ‘What is the EBITDA margin/profitability level of your hospital?’ Responses with ‘I do not know/prefer not to disclose’ have been excluded.
Source: L.E.K. 2021 and 2022 APAC Hospital Priorities Surveys
6
Public hospitals show better budget outlook in the near term in light of increased government funding;
currently, less than 15% of medium-size or large hospitals are facing budget deficits
1 Financial outlook
Public hospitals — budget outlook High budget deficit (>5%) Low budget deficit (5% or less) Balanced Budget
budget surplus
Medium-size public hospitals (≤500 beds) in APAC* Large-size public hospitals (>500 beds) in APAC*
Percentage of respondents Percentage of respondents
Last 3 years (N=105) Last 3 years (N=51)
2021 3% 14% 39% 44% 2021 6% 10% 39% 45%
2022 4% 15% 65% 16% 2022 2% 9% 64% 24%
Present (N=105) Present (N=51)
2021 24% 39% 18% 18% 2021 20% 23% 24% 33%
2022 3% 10% 68% 19% 2022 4% 59% 35%
1%
Next 3 years (N=99) Next 3 years (N=50)
2021 4% 7% 42% 47% 2021 2% 9% 32% 57%
2022 5% 43% 48% 2022 4% 38% 58%
3% 0%
*Survey question: “What is the EBITDA margin/profitability level of your hospital?” Responses with ‘I do not know/prefer not to disclose’ have been excluded.
Source: L.E.K. 2021 and 2022 APAC Hospital Priorities Surveys
7Across most APAC hospitals, elective procedure volumes have mostly returned to pre-pandemic levels,
with growth expected over coming years
1 Financial outlook
Number of elective procedures per month performed/expected each year* Departments recovered to pre-COVID-19
Percentage of respondents
levels of operations in terms of number of
700+ 300-Compared to 2020, hospitals now show greater need for funding for business sustainability; economic
growth and reduced cost can result in positive impact
1 Financial outlook
Business sustainability
outlook*
Percentage of respondents Top 3 changes that will positively impact business sustainability (2021)**
Percentage of respondents
2% 7% Public hospitals
Private hospitals
20% (N=73) (N=75)
30%
Economic growth 48% Cost reduction 52%
77% Patient confidence Patient confidence
47% 41%
64% returning after COVID-19 returning after COVID-19
Relaxation of
Cost reduction 45% COVID-19-related 35%
constraints in hospitals
2020 2021
(N=411) (N=406)
Indefinitely 6 months beforeWith a positive outlook, hospitals are focusing on operational and clinical improvements; hospitals are
now focusing spend on infrastructure and therapeutics
Strategic priorities
• As hospitals recover from COVID-19 impact, priorities are shifting from implementing COVID-19 recovery measures such as
emergency preparedness towards healthcare safety, operational and care enhancement strategies
• These translate to building physical and digital infrastructure and innovative drugs and therapies as the top spending priorities
• In line with the shift in strategies, care enhancement priorities are shifting from building free-standing outpatient centres outside
of hospital settings to developing new facilities within hospitals for patient treatment
Source: L.E.K. 2022 APAC Hospital Priorities Survey; L.E.K. research and analysis
10As market dynamics evolve, strategic priorities have shifted from COVID-19 recovery towards better
healthcare worker safety, improved clinical outcomes and workflow optimisation
2 Strategic priorities
Pandemic response Care enhancement
Strategic priorities over the next 3 years*
Percentage of respondents that chose “6” and “7” (1=not at all important, 7=very important) Operational enhancement Top 2 rank
South Rank
Rank Overall China Japan Australia Singapore India Thailand Indonesia
Strategic priorities Korea change
(2022) (N=406) (N=120) (N=76) (N=45) (N=10) (N=60) (N=40) (N=30)
(N=25) (from 2021)
#1 Improving healthcare worker safety 70% 70% 66% 60% 76% 80% 73% 68% 77% +2 ↑
#2 Improving clinical outcomes 69% 76% 49% 64% 67% 70% 78% 73% 73% +2 ↑
Improving labour efficiency/workflow
#3 63% 58% 59% 56% 69% 90% 72% 60% 67% +2 ↑
optimisation
Reducing acquisition costs of capital
#4 63% 63% 55% 52% 64% 70% 68% 65% 67% +4 ↑
equipment
#5 Reducing costs of medical supplies 61% 63% 58% 68% 51% 80% 65% 53% 63% +1 ↑
Standardisation of clinical care protocol
#6 59% 72% 38% 56% 47% 50% 73% 55% 60% +3 ↑
within and across hospitals
Investing in digital health capabilities
#7 (e.g. telehealth, AI-assisted image 58% 66% 25% 72% 67% 60% 65% 70% 60% +8 ↑
analysis)
#8 Investing in new IT systems 58% 66% 36% 72% 60% 70% 65% 55% 60% +6 ↑
Recovering from financial impact of
#9 COVID-19 (e.g. hospitals unable to open 58% 58% 51% 52% 62% 80% 57% 63% 63% -7 ↓
due to high infection rate)
*Survey question: ‘How important are the following strategic priorities for your hospital over the next 3 years? (Please rate the importance of each strategic priority on a scale of 1 to 7, where “1” means “not at all important”
and “7” means “very important”).’
Source: L.E.K. 2021 and 2022 APAC Hospital Priorities Surveys
11Over 40% of hospitals are expected to increase spending on physical and digital infrastructure;
amongst medical supplies, spending on innovative drugs/therapy is expected to be the top priority
2 Strategic priorities
Spending priorities over the next 3 years (N=406)* Top 1 rank
Percentage of respondents who answered that the hospital will increase spending
43%
38% 38%
Physical and Medical supplies Staff
digital infrastructure and devices
Physician support systems Innovative drugs and
45% 49% Physicians 41%
(e.g. medication management) therapies
Expansion/improvement Diagnostic imaging Non-physician
44% 43% 40%
of existing facilities equipment clinical staff
Patient-facing digital solutions Non-therapeutic Non-clinical
44% 38% 34%
(e.g. teleconsultations) appliances support staff
*Survey question: ‘How do you expect your hospital’s spending priorities on the following categories to change over the next 3 years?’ Responses with ‘I do not know’ have been excluded; respondents who answered that
the hospital will increase spending=respondents who chose ‘6’ and ‘7’ when the scale is 1=will definitely reduce spending and 7=will definitely increase spending; other spending priorities not in top 3, such as
development of new facilities, implantable medical devices, surgical instruments, medical consumables, non-clinical supplies and clinical support appliances, have not been included in breakdown.
Source: L.E.K. 2022 APAC Hospital Priorities Survey
12Operational enhancement: Hospitals are looking to standardise purchasing for diagnostic imaging
equipment; standardising surgical instruments supply has also garnered greater interest
2 Strategic priorities
Overall top 3 rank
Type of medical supplies that hospitals are looking to standardise*
Percentage of respondents
Rank change Overall Private hospitals Public hospitals
(from 2021) (N=406) (N=204) (N=202)
- Diagnostic imaging equipment 41% 40% 43%
+3 ↑ Surgical instruments 38% 36% 40%
- Medical consumables 38% 37% 40%
-2 ↓ Implantable medical devices 37% 34% 41%
- Drugs (off patent/generics) 30% 34% 26%
- Clinical support appliances 29% 28% 29%
- Non-therapeutic appliances 28% 27% 29%
-5 ↓ Drugs (on patent/innovative) 26% 26% 27%
- Non-clinical supplies 25% 30% 21%
*Survey question: ‘Please select top 3 medical supplies/equipment that your hospital is looking to standardise the purchasing of.’
Source: L.E.K. 2021 and 2022 APAC Hospital Priorities Surveys
13Care enhancement: As hospitals recover from COVID-19 impact, priorities are shifting from building
free-standing outpatient centres and home health services to building core infrastructures
2 Strategic priorities
Alternative sites of care that hospitals will work with/invest in during the next 3 years*
Percentage of respondents who ranked the respective site as top 3
Top 2 rank
South Rank
Rank Overall China Japan Australia Singapore India Thailand Indonesia
Alternative sites Korea change
(2022) (N=406) (N=120) (N=76) (N=45) (N=10) (N=60) (N=40) (N=30)
(N=25) (from 2021)
#1 Diagnostic imaging centres 37% 47% 13% 0% 44% 50% 50% 45% 33% +4 ↑
#2 Rural health clinics 35% 46% 20% 44% 38% 30% 28% 45% 20% +6 ↑
#3 Skilled nursing facilities (SNFs) 35% 39% 8% 56% 36% 30% 37% 43% 57% +6 ↑
Satellite emergency centres/
#4 30% 33% 8% 48% 20% 10% 42% 43% 37% -
departments
Free-standing outpatient primary
#5 23% 35% 12% 16% 27% 30% 25% 5% 27% -2 ↓
care clinics
#6 Home health services 21% 16% 32% 36% 13% 20% 17% 30% 10% -4 ↓
Free-standing specialist
#7 20% 22% 18% 16% 20% 40% 8% 25% 30% -6 ↓
outpatient centres
*Survey question: ‘Please select top 3 alternative sites of care that your hospital is looking to pursue over the next 3 years.’
Source: L.E.K. 2021 and 2022 APAC Hospital Priorities Surveys
14Over 20% of APAC hospitals are using digital solutions to improve operational efficiencies and
increase patient satisfaction; EMR is the top digital solution adopted
Digitalisation and innovation
• Hospitals are noting that the value of digital health goes beyond increasing revenue streams to improving operational efficiencies and
increasing patient satisfaction
• Overall, electronic medical records (EMR), patient information and medication management systems are the top digital solutions being
adopted
• Across most of APAC, over 20% of hospitals are using these digital solutions as part of standard care/administrative purposes
• However, there are concerns over patient data privacy and incompatibility between digital solutions
• Japan has been leading in the adoption of fundamental systems (e.g. EMR) but remains conservative in using patient-facing solutions
and patient support systems
Source: L.E.K. 2022 APAC Hospital Priorities Survey; L.E.K. research and analysis
15Overall, EMR, patient information and medication management systems are the top digital solutions
being adopted; hospitals have been focusing on building the proper back-end IT systems
3 Digitalisation and innovation
Adoption of digital solutions* Top 1 rank
Percentage of respondents ‘currently using’ digital solutions
36%
30% 28%
Fundamental systems Patient-facing solutions Physician support systems
Patient information Medication
Electronic medical records 43% 39% 29%
and booking systems management systems
In-room patient systems
Clinical workflow
Billing 42% (e.g. smart in-room systems providing 31% 29%
management systems
alert notifications on patient health)
Speciality care patient consultation Clinical decision support tools
Patient administration/scheduling 37% 29% 28%
(e.g. telemedicine for cancer patients) (e.g. AI-assisted image analysis)
Ancillary systems Remote patient monitoring Patient treatment
35% 27% 28%
(laboratory, pharmacy, radiology) (e.g. glucose monitor, wearables) (e.g. 3D-printed implants)
*Survey question: ‘Digitalisation of hospitals is gaining traction in many countries. What digital health solutions have you adopted/would you like to adopt?’ Respondents who answered that the hospital is ‘currently using’
each digital solution.
Source: L.E.K. 2022 APAC Hospital Priorities Survey
16Across most APAC markets, 20%-40% of hospitals are using back-end IT systems; Japan is taking the
lead with over 65% of hospitals adopting EMR systems
3 Digitalisation and innovation
Adoption of fundamental systems*
Percentage of respondents
Electronic medical records Billing
China (N=120) 40% 28% 28% 5% China (N=120) 41% 30% 25% 4%
Other developing (N=130) 38% 35% 20% 7% Other developing (N=130) 41% 31% 26% 2%
Japan (N=76) 68% 12% 17% 3% Japan (N=76) 47% 11% 30% 12%
Other developed (N=80) 33% 35% 29% 4% Other developed (N=80) 39% 20% 40% 1%
Patient administration/scheduling Ancillary systems
(e.g. laboratory systems, radiology information systems)
China (N=120) 33% 38% 25% 5% China (N=120) 22% 40% 30% 8%
Other developing (N=130) 37% 32% 24% 8% Other developing (N=130) 28% 33% 27% 12%
Japan (N=76) 49% 11% 26% 14% Japan (N=76) 63% 11% 18% 8%
Other developed (N=80) 35% 35% 25% 5% Other developed (N=80) 39% 29% 26% 6%
Currently using Trialling Interested, exploring how this can be adopted Not a priority
*Survey question: ‘Digitalisation of hospitals is gaining traction in many countries. What digital health solutions have you adopted/would you like to adopt?’ Other developed markets include South Korea, Australia and
Singapore. Other developing markets include India, Indonesia and Thailand.
Source: L.E.K. 2022 APAC Hospital Priorities Survey
17While across most hospitals in APAC, over 20% are currently using patient-facing digital solutions,
Japan is noted to be conservative in adoption of these tools
3 Digitalisation and innovation
Adoption of patient-facing digital solutions*
Percentage of respondents
Patient information and booking systems In-room patient systems
(e.g. smart in-room systems providing alert notifications on patient health)
China (N=120) 31% 26% 34% 9% China (N=120) 33% 33% 26% 8%
Other developing (N=130) 45% 28% 22% 5% Other developing (N=130) 31% 35% 26% 8%
Japan (N=76) 46% 7% 29% 18% Japan (N=76) 20% 9% 39% 32%
Other developed (N=80) 35% 38% 21% 6% Other developed (N=80) 40% 21% 30% 9%
Speciality care patient consultation Remote patient monitoring
(e.g. telemedicine to offer speciality consultation to cancer patients) (e.g. glucose monitor, heart rate monitor)
China (N=120) 37% 32% 22% 10% China (N=120) 28% 27% 28% 17%
Other developing (N=130) 25% 39% 30% 5% Other developing (N=130) 32% 36% 20% 12%
Japan (N=76) 17% 1% 45% 37% Japan (N=76) 17% 13% 41% 29%
Other developed (N=80) 35% 29% 31% 5% Other developed (N=80) 28% 39% 25% 9%
Currently using Trialling Interested, exploring how this can be adopted Not a priority
*Survey question: ‘Digitalisation of hospitals is gaining traction in many countries. What digital health solutions have you adopted/would you like to adopt?’ Other developed markets include South Korea, Australia and
Singapore. Other developing markets include India, Indonesia and Thailand.
Source: L.E.K. 2022 APAC Hospital Priorities Survey
18On average, 25%-35% of hospitals in most of APAC are using physician support systems to improve
patient outcomes; Japan, however, consistently has lower adoption
3 Digitalisation and innovation
Adoption of physician support systems digital solutions*
Percentage of respondents
Medication management systems Clinical workflow management systems
(e.g. automated system for medicine supply)
China (N=120) 33% 33% 30% 4% China (N=120) 35% 29% 30% 6%
Other developing (N=130) 35% 35% 21% 9% Other developing (N=130) 35% 35% 25% 6%
Japan (N=76) 12% 18% 38% 32% Japan (N=76) 12% 11% 46% 32%
Other developed (N=80) 26% 45% 20% 9% Other developed (N=80) 26% 31% 34% 9%
Clinical decision support tools Patient treatment
(e.g. AI-assisted image analysis) (e.g. 3D-printed implants)
China (N=120) 37% 31% 28% 5% China (N=120) 28% 46% 15% 11%
Other developing (N=130) 29% 38% 27% 6% Other developing (N=130) 36% 29% 25% 9%
Japan (N=76) 8% 13% 46% 33% Japan (N=76) 7% 8% 43% 42%
Other developed (N=80) 31% 36% 26% 6% Other developed (N=80) 34% 31% 23% 13%
Currently using Trialling Interested, exploring how this can be adopted Not a priority
*Survey question: ‘Digitalisation of hospitals is gaining traction in many countries. What digital health solutions have you adopted/would you like to adopt?’ Other developed markets include South Korea, Australia and
Singapore. Other developing markets include India, Indonesia and Thailand.
Source: L.E.K. 2022 APAC Hospital Priorities Survey
19Most countries expect to increase staff efficiency/capacity and increase patient satisfaction with the
adoption of digital health solutions; this is a shift in focus from reducing medical errors
3 Digitalisation and innovation
Value from digital health solution adoption* China (N=120)
Weighted average (1=not likely, 7=very likely)
Other developing
markets (N=130)
More Rank Japan (N=76)
important change 4.5 4.75 5.0 Other developed
(from 2021) markets (N=80)
+4 ↑ Increased staff
efficiency
- Increased patient
satisfaction
-2 ↓ Reduced medical errors
- Provides new revenue
stream for hospital
Provides better patient
-2 ↓
care
Less
important
*Survey question: ‘What value do you think digital health solutions will likely bring about for your hospital? (“1”=not likely, “7”=very likely)’. Other developed markets include South Korea, Australia and Singapore. Other
developing markets include India, Indonesia and Thailand.
Source: L.E.K. 2021 and 2022 APAC Hospital Priorities Surveys
20With increasing digital adoption, concerns around patient privacy and incompatibility between digital
solutions are growing
3 Digitalisation and innovation
Digital health adoption concerns* 2021 (N=411)
Percentage of respondents 2022 (N=406)
70
63
60
50
45
40 41 40
40 38
36 36
31 32 32
28 30 29
30 27
20
20
10
0
Increased concerns Incompatibility of the Shortage of talent Adjusting or Lack of evidence No clear reimbursement Patients are not Limited/no budget to
around patient privacy different digital to develop and changing current on what value guideline ready for implement
health solutions implement digital standard of care digital health for digital health digital healthcare digital health solutions
health solutions for digital care solutions bring solutions
*Survey question: ‘What are your concerns for digital health adoption?’
Source: L.E.K. 2022 APAC Hospital Priorities Survey
21Connect with us
Fabio La Mola Helen Chen Mei Young
Greater China Managing Partner, Senior Manager, Healthcare and
Global Co-head and APAC Lead
Healthcare and Life Sciences Life Sciences
– Healthcare and Life Sciences
h.chen@lek.com mei.young@lek.com
f.lamola@lek.com
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Partner, Healthcare and Life
Sciences Partner, Healthcare and Life London Wroclaw
Sciences Chicago Beijing
p.branch@lek.com San
a.sasidharan@lek.com Francisco Boston Paris
Munich Tokyo
New York Madrid
Los Angeles
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Shanghai
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Partner, Healthcare and Life Principal, Healthcare and Life
Sciences Sciences
Singapore
São Paulo
n.jones@lek.com
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Sydney
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Stephen Sunderland Arnaud Bauer
Partner, Healthcare and Life Principal, Healthcare M&A and
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22 WeChat apac.lscoe@lek.com www.lek.com/contactDisclaimer This document is intended to provide information and is for illustration purposes only. Accordingly, it must be considered in the context and purpose for which it has been prepared. It cannot be relied upon by any recipient. In accepting this document, you agree that L.E.K. Consulting Pte. Ltd. and their affiliates, members, directors, officers, employees and agents (L.E.K.) neither owe nor accept any duty or responsibility or liability to you or any third party, whether in contract, tort (including negligence), or breach of statutory duty or otherwise, howsoever arising, in connection with or arising from this report or the use you or any third party make of it. L.E.K. shall not be liable to you or any third party in respect of any loss, damage or expense of whatsoever nature that is caused by your or any third party’s reliance on or for any use you or any third party may choose to make of the report, which you accept is at your or their own risk. This report is based on information available at the time this report was prepared and on certain assumptions, including, but not limited to, assumptions regarding future events, developments and uncertainties, and contains ‘forward-looking statements’ (statements that may include, without limitation, projected market opportunities, strategies, competition, expected activities and expenditures, and at times may be identified by the use of words such as “may”, “could”, “should”, “would”, “project”, “believe”, “anticipate”, “expect”, “plan”, “estimate”, “forecast”, “potential”, “intend”, “continue” and variations of these words or comparable words). L.E.K. is not able to predict future events, developments and uncertainties. Consequently, any of the forward-looking statements contained in this report may prove to be incorrect or incomplete, and actual results could differ materially from those projected or estimated in this report. L.E.K. does not undertake any obligation to update any forward-looking statements for revisions or changes after the date of this report, and L.E.K. does not make any representation or warranty that any of the projections or estimates in this report will be realised. Nothing contained herein is, or should be relied upon as, a promise or representation as to the future. 23
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